Washington Trust Advisors Inc. Sells 560 Shares of Medtronic plc (NYSE:MDT)

Washington Trust Advisors Inc. reduced its holdings in shares of Medtronic plc (NYSE:MDT) by 26.6% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 1,542 shares of the medical technology company’s stock after selling 560 shares during the period. Washington Trust Advisors Inc.’s holdings in Medtronic were worth $127,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. BKM Wealth Management LLC purchased a new position in Medtronic during the 4th quarter worth $941,000. Perceptive Advisors LLC purchased a new position in Medtronic during the 2nd quarter worth $41,143,000. Tower Research Capital LLC TRC increased its holdings in Medtronic by 69.3% during the 3rd quarter. Tower Research Capital LLC TRC now owns 40,476 shares of the medical technology company’s stock worth $3,172,000 after purchasing an additional 16,574 shares during the period. Ropes Wealth Advisors LLC increased its holdings in Medtronic by 21.4% during the 3rd quarter. Ropes Wealth Advisors LLC now owns 7,205 shares of the medical technology company’s stock worth $565,000 after purchasing an additional 1,269 shares during the period. Finally, Exchange Traded Concepts LLC increased its holdings in Medtronic by 109,325.0% during the 4th quarter. Exchange Traded Concepts LLC now owns 91,917 shares of the medical technology company’s stock worth $7,572,000 after purchasing an additional 91,833 shares during the period. 82.06% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

MDT has been the topic of several research reports. Truist Financial raised their price objective on Medtronic from $87.00 to $90.00 and gave the stock a “hold” rating in a report on Wednesday, February 21st. Royal Bank of Canada reiterated a “sector perform” rating and issued a $92.00 price target on shares of Medtronic in a report on Wednesday, February 21st. Mizuho lifted their price target on Medtronic from $95.00 to $98.00 and gave the company a “buy” rating in a report on Wednesday, February 21st. Finally, Oppenheimer lifted their price target on Medtronic from $89.00 to $92.00 and gave the company a “market perform” rating in a report on Wednesday, February 21st. One investment analyst has rated the stock with a sell rating, four have given a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat.com, Medtronic has a consensus rating of “Moderate Buy” and an average target price of $94.91.

Medtronic Stock Up 0.3 %

MDT stock traded up $0.30 on Thursday, hitting $87.22. 2,933,193 shares of the company’s stock were exchanged, compared to its average volume of 6,244,301. Medtronic plc has a 12-month low of $68.84 and a 12-month high of $92.02. The firm has a 50 day moving average price of $85.21 and a two-hundred day moving average price of $80.68. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.71 and a current ratio of 2.30. The stock has a market cap of $115.81 billion, a P/E ratio of 27.76, a price-to-earnings-growth ratio of 2.86 and a beta of 0.76.

Medtronic (NYSE:MDT) last issued its quarterly earnings results on Tuesday, February 20th. The medical technology company reported $1.30 EPS for the quarter, topping analysts’ consensus estimates of $1.26 by $0.04. Medtronic had a return on equity of 13.71% and a net margin of 13.00%. The company had revenue of $8.09 billion during the quarter, compared to analysts’ expectations of $7.95 billion. During the same quarter in the previous year, the firm posted $1.30 EPS. The firm’s revenue was up 4.7% compared to the same quarter last year. As a group, equities research analysts expect that Medtronic plc will post 5.2 EPS for the current fiscal year.

Medtronic Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, April 12th. Stockholders of record on Friday, March 22nd will be issued a $0.69 dividend. The ex-dividend date of this dividend is Thursday, March 21st. This represents a $2.76 annualized dividend and a dividend yield of 3.16%. Medtronic’s dividend payout ratio (DPR) is presently 87.90%.

Insider Activity

In other news, EVP Sean Salmon sold 30,695 shares of the business’s stock in a transaction dated Wednesday, February 21st. The stock was sold at an average price of $85.13, for a total value of $2,613,065.35. Following the completion of the transaction, the executive vice president now owns 48,289 shares of the company’s stock, valued at approximately $4,110,842.57. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 0.30% of the company’s stock.

About Medtronic

Medtronic plc develops, manufactures, and sells device-based medical therapies to healthcare systems, physicians, clinicians, and patients worldwide. Its Cardiovascular Portfolio segment offers implantable cardiac pacemakers, cardioverter defibrillators, and cardiac resynchronization therapy devices; cardiac ablation products; insertable cardiac monitor systems; TYRX products; and remote monitoring and patient-centered software.